QUEBEC – Osisko Mining Corp. of Montreal has updated the reserve numbers for its Canadian Malartic gold mine at Malartic. The open pit proven and probable reserves now stand at 185.5 million tonnes grading 0.98 g/t Au or 5.85 million oz of gold.
When the Barnat deposit, satellite deposits and stockpiles are added to the Canadian Malartic number, the total proven and probable reserves climb to 281.2 million tonnes grading 1.04 g/t Au and containing 9.37 million oz of gold.
The company used a gold price of US$1,300 per oz of gold. Despite using a 12% lower price assumption, the total was only 2% less than a year earlier.
The global measured and indicated resources stand at 327.0 million tonnes grading 1.06 g/t Au and containing 11.10 million oz. And there are another 48.1 million inferred tonnes at 0.75 g/t containing 1.16 million oz.
Osisko expects the mill throughput to stabilize at 55,000 t/y in 2014 as optimization programs are finished. The better milling rate plus the accessibility of higher grade ore in the north pit wall will support a production increase to between 525,000 and 575,000 oz this year, compared to 475,277 oz in 2013.
The management and board of Osisko continue to urge shareholders to reject the hostile takeover bid by Goldcorp. Details are posted at Osisko.com.